SEC Form 6-K filed by Paranovus Entertainment Technology Ltd.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of September 2024
PARANOVUS ENTERTAINMENT TECHNOLOGY LIMITED |
(Exact name of registrant as specified in its charter) |
250 Park Avenue, 7th Floor
New York, NY 10177
516-951-9074
(Address of Principal Executive Office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Entry into Material Agreements
On September 30, 2024, Paranovus Entertainment Technology Limited (the “Company”) signed a promissory note purchase agreement (the “Purchase Agreement”) with Ms. Minzhu Xu, who is the chairperson of the Company’s board of directors (the “Board”). Pursuant to the Purchase Agreement, the Company issued an 8% promissory note with principal amount of $500,000 (the “Note”) to Ms. Xu on September 30, 2024, the closing date of this transaction (the “Note Offering”). The Note will mature in 12 months after its issuance and can be pre-paid in part or in whole by the Company prior to its maturity date. The proceeds from the Note Offering will be used to for the general working capital purposes of the Company.
This Note Offering was unanimously approved by the audit committee of the Board of the Company consisting only of independent directors.
The forms of the Purchase Agreement and the Note are attached hereto as Exhibits 10.1 and 10.2. The foregoing descriptions of the Purchase Agreement and the Note are summaries of the material terms of such agreements, and do not purport to be complete and are qualified in their entirety by reference to the Purchase Agreement and the Note.
Exhibits
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SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Paranovus Entertainment Technology Limited |
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Date: October 3, 2024 | By: | /s/ Xiaoyue Zhang |
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| Name: | Xiaoyue Zhang |
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| Title: | Chief Executive Officer |
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